What Assets Will I Lose?
People think the minute they apply for bankruptcy they lose everything except the shirt off their back, this is simply not true.
Firstly when you declare bankruptcy no one comes to your home and takes every little thing including your kitchen sink. All of your household items are safe when you file for bankruptcy.
Anything that has high value is a simpler way to comprehend what might be taken from you when you apply for bankruptcy, things like your house (if there is equity in it), your car (if it is worth more than $8,000 wholesale) and other large assets such as boats, caravans, motorcycles, shares, rental properties and other investments.
Before you panic and do something that will get you into hot water give us a call at Bankruptcy Experts Canberra on 1300 795 575 and we can help you with understanding the rules surrounding assets and bankruptcy.
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